Wednesday, September 28, 2022

What Happens If You Get 2 Stimulus Checks

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What Can I Do If I Have Not Received My Eip Money By Those Deadlines

When you can expect to get a stimulus check

If you have not received all or some portion of your Economic Impact Payments by the deadlines above, you will have to file a 2020 tax return and claim these amounts. You claim them on line 30 of the 2020 Form 1040 as a “Recovery Rebate Credit“. This is another name for the EIP stimulus payments. If you did not get all or a portion of the EIP payments in advance, then you can claim them on line 30 of your tax return for 2020.

Did You Get More Money In Your Third Stimulus Check All The Reasons Why

With the $1,400 per person maximum in the stimulus check, you’re automatically eligible to receive more money than in the first two payments. Keep in mind a number of other factors could make your potential payment even larger.

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The new stimulus checks for up to $1,400 per person started hitting bank accounts recently, and while you can track your payment online now, the IRS website won’t tell you the amount of money you’re due. In addition to our stimulus calculator, there are other clues that can reveal every way your check size could increase.

You Havent Received Your Second Stimulus Payment Yet

Many people will receive stimulus payments by direct deposit, according to the IRS. If you paid 2019 federal taxes via direct debit or received a tax refund by direct deposit, you will likely receive your second stimulus payment the same way. The majority of these payments have already been issued. If the IRS does not have your correct, up-to-date banking information, youll receive payment by mail or debit card .

Social Security or other beneficiaries who use Direct Express cards and received the first round of stimulus on that card can expect the same this time. Otherwise, payment will come by mail.

Generally, you can expect to receive your payment in the same form you received the first stimulus payment under the CARES Act in early 2020. But thats not the case for everyone. If the IRS is unable to make a direct deposit, your payment may be sent by mail. And if your first stimulus payment arrived via paper check, you could receive a debit card this time, and vice versa.

The best way to track how and when youll receive your stimulus payment is with the IRS Get My Payment tool. This tool can tell you when your payment was sent and whether itll arrive via direct deposit or mail.

And while Jan. 15 is the IRS deadline, you may not actually receive payment by that date. After your payment reports as mailed on the Get My Payment tracker, it may take up to three or four weeks to receive the check or debit card, the agency says.

Read Also: When Will I Get The Stimulus

What To Know If Your Stimulus Check Money Never Arrived

If you were eligible to receive the first or second stimulus check and it never arrived, you’ll need to claim it as a Recovery Credit Rebate on your 2020 taxes this year, even if you don’t usually file taxes. Alternatively, you may have to start an IRS payment trace.

If you didn’t receive the third check, or the amount is less than you expected, the IRS may send you a plus-up payment after it receives your 2020 tax return.

You may need to consult additional information if you:

When Will I Get The Recovery Rebate Credit

Why is my stimulus check less than I expected?

You will most likely get the Recovery Rebate Credit as part of your tax refunds. If you electronically file your tax return, you will likely receive your refund within 3 weeks. If you mail your return, it can take at least 8 weeks to receive your refund.

Claiming the Recovery Rebate Credit will not delay your tax refund. However, if you dont claim the correct amount of the Recovery Rebate Credit, your refund may be delayed while the IRS corrects the error on your return. The IRS will send you a notice of any changes made to your return.

You can check on the status of your refund using the IRS Check My Refund Status tool.

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How To Use The Where’s My Refund Tool On The Irs Site

To check the status of your 2021 income tax refund using the IRS tracker tools, you’ll need to provide some personal information: your Social Security number or Individual Taxpayer Identification Number your filing status and your refund amount in whole dollars, which you can find on your tax return. Make sure it’s been at least 24 hours before you start tracking your refund.

Using the IRS tool Where’s My Refund, go to the Get Refund Status page, enter your personal data, then press Submit. If you entered your information correctly, you’ll be taken to a page that shows your refund status. If not, you may be asked to verify your personal tax data and try again. If all the information looks correct, you’ll need to enter the date you filed your taxes, along with whether you filed electronically or on paper.

Where’s My Refund has information on the most recent tax refund that the IRS has on file within the past two years, so if you’re looking for return information from previous years you’ll need to check your IRS online account for more information. Through your own personalized account, you’ll be able to see the total amount you owe, your payment history, key information about your most recent tax return, notices you’ve received from the IRS and your address on file.

Don’t Miss: When Is Next Stimulus Check Coming

Stimulus Check Payments: What Is Irs Letter 6475 And Why Will It Give Me A Bigger Refund

If you didn’t receive the stimulus payment you were due last year, now is your chance to claim that money.

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Writer

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If you didn’t get a stimulus check you were due, you must claim the recovery rebate credit on your 2021 federal tax return.

The IRS sent third stimulus check payments to more than 175 million Americans last year, equaling up to $1,400 for each eligible adult and child. If you didn’t receive a payment you believe you were due — or got less than you were eligible for — you’ll need to claim the Recovery Rebate Credit on your 2021 federal tax return.

Here’s what to do if you didn’t receive or lost your Letter 6475, or if you never received the stimulus money the IRS claims it sent you.

How To Stretch Your Money Until The Spring

Third Stimulus Checks: When and How Will You Get $1,400?

While many Americans might have to wait until the spring to get their tax refunds including the stimulus rebate, there could be additional federal help on the horizon.

President-elect Joe Biden made campaign promises to enact sweeping coronavirus relief measures, and Democrats have spoken optimistically about the possibility of $2,000 direct payments now that they’ve regained control of the Senate.

But some people need money immediately to help with everyday expenses. While it might seem like overly simplistic advice, it’s really important to review what resources you have at your immediate disposal to shore up your finances. That might include asking a friend or family member for support, doing research into forbearance programs for any loans, credit cards or mortgages, and/or seeking out ways to make some extra cash quickly.

For consumers with good credit, consider opening a 0% APR credit card so you can pay for essentials while not racking up interest charges. Depending on your expenses, you might be able to pay off the balance with your tax refunds before the intro period ends.

The U.S. Bank Visa® Platinum Card offers an introductory 0% interest for the first 20 billing cycles on both balance transfers and new purchases . That’s a long grace period for making the purchases you need now then paying them back later.

Note that balance transfer credit cards require good to excellent credit to qualify.

Read Also: I Qualify For The 3rd Stimulus Check Where Is It

What Do These Irs Tax Return Statuses Mean

Both IRS tools will show you one of three messages to explain your tax return status.

  • Received: The IRS now has your tax return and is working to process it.
  • Approved: The IRS has processed your return and confirmed the amount of your refund, if you’re owed one.
  • Sent: Your refund is now on its way to your bank via direct deposit or as a paper check sent to your mailbox.

What Money Will Be Included In My Tax Refund This Year

There are several things that could be tacked on to your tax refund this year. As usual, if you overpaid your taxes in 2021, you’ll receive that money back. However, if you’re a parent, you could also expect to receive the rest of your child tax credit money, as well as a reimbursement for money you spent on child care related expenses last year.

Also, if you’re still missing your third stimulus payment, you might receive that when you get your tax refund.

Also Check: How Do I Get The Second Stimulus Check

Why You Did Not Qualify For A Stimulus Check

Several people have commented that they have not received or not gotten the correct amount on their stimulus checks. The IRS has provided the following reasons

  • Your adjusted gross income in your most recent tax filing approved by the IRS was greater than than the limits shown above, which are $99,000 $136,500 $198,000
  • You CANNOT be claimed as a dependent on someone elses return. This includes as a child child, student or older dependent.
  • You dont have a valid Social Security number and/or are a nonresident alien.
  • You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019. These are quick filing forms, but you need a standard filing

How Do I Get My Check If I Havent Filed A 2019 Tax Return

stimulus check 2

If you receive Social Security or Railroad Retirement Benefits and did not file a tax return in 2019, you will not have to file a return in order to receive your paymentthe IRS has your information already. If you dont receive those benefits and did not file a tax return for 2019, you may need to file one to confirm your eligibility. Check your status in the Get My Payment portal for instructions.

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How Can I Check The Status Of My Stimulus Check

Follow these steps to check the status of your stimulus money:

2. Provide the following information:

  • Social security number or individual tax ID number

  • Your date of birth

  • Your street address

  • Note: if you recently moved, use the same information the IRS would have on file from your last tax return

  • Your 5 digit zip code

  • 3. Hit the continue button for an update on your status

    How Will The Irs Know Where To Send My Payment What If I Changed Bank Accounts

    The IRS will use the data already in our systems to send the new payments. Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail. For those eligible but who dont receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021. Remember, the Economic Impact Payments are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.

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    Another Stimulus Check May Not Be On The Cards For Everyone

    The new coronavirus relief bill makes a notable change to the second stimulus check. While the first CARES Act payment provided $1,200 in stimulus money for adults and $500 for eligible child dependents, the second payment will be smaller. Adults and child dependents each will receive $600 under the new relief bill.

    However, not all adults and dependents will get this money. That’s because both the CARES Act and the new coronavirus legislation have income limits. For both the first and second checks, single filers with incomes under $75,000 and married joint filers with incomes under $150,000 should be entitled to the full amount of the COVID-19 money . With an income above these thresholds, however, the amount of your stimulus payment begins to phase out.

    And here’s what the problem is for some higher earners with incomes above the $75,000 and $150,000 limits. The phase-out rules did not change with the second stimulus check, even though the size of the payment did. The amount of money you’ll receive still phases out at a rate of $5 per $100 earned above the income thresholds.

    Since the first check allotted $1,200 per qualifying adult, single filers received at least some of the COVID-19 stimulus money with incomes up to $99,000 and married joint filers were eligible for a portion of the payment with incomes up to $198,000.

    Injured Spouse Claim And Spousal Claims

    IRS tax refund delay complaints leave some wondering if stimulus checks have caused more issues

    The IRS also stated that If you are married filing jointly and you filed an injured spouse claim with your 2019 tax return , half of the total payment will be sent to each spouse and your spouses stimulus check payment will be offset only for past-due child support. There is no need to file another injured spouse claim for the payment. I have received dozens of comments on this this, so hopefully this answers the questions many have had based on official IRS guidance.

    Note that if you were current with your child support payments at the time of the stimulus eligibility determination but fell behind afterwards due to a COVID-19 related job loss, you would still be eligible to get the full stimulus payment.

    Updating Direct Deposit Information

    This question has come up a lot in the hundreds of comments to this article. The IRS has setup a portal for individuals to provide their updated banking information to receive payments via direct deposit as opposed to checks in the mail. The IRS does recommend that 2018 Filers who need to change their account information or mailing address, file 2019 taxes electronically as soon as possible. That is the only way to let us know your new information. You can file for free via TurboTax.

    Read Also: Why Am I Not Eligible For A Stimulus Check

    Not Everyone Will Get A Third Stimulus Check See If You’re On The List Of People Who Aren’t Eligible For A Third

    Millions of Americans have already received a third stimulus check . But if nothing has shown up in your bank account or mailbox yet, it might be because you’re not eligible for a third payment. Some people may have gotten the impression that everyone is entitled to a third stimulus check. Unfortunately, that’s just not the case.

    There are a few reasons why you could be left without a third stimulus check. It could be because of your income, age, immigration status, or some other disqualifying factor. Here’s a list of people who won’t be getting a third stimulus check from Uncle Sam. Hopefully, you’re not on the list and you’ll get a nice payment soon especially if you’re one of the millions of Americans struggling financially because of the COVID-19 pandemic.

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